Here are live updates from the Union Budget 2017-18 to be presented by Union Finance Minister, Arun Jaitley: There are a lot of expectations from this Budget, especially a hike in the income tax slabs.
01: 00 pm: Finance minister concludes his speech.
12: 48 pm: Surcharge on annual taxable for those earning above Rs 50 lakh at 10 percent.
12:47 pm: Tax rates on the initial tax bracket of Rs 2.5- Rs 5 lakhs reduced to 5% from 10%.
12:44 pm: The maximum donation a political party can receive from anyone source is Rs 2000: Finance Minister Arun Jaitley
12:40 pm: No cash transactions above Rs 3 lakhs.
12:38 pm: Tax rate for companies with an annual turnover up to Rs 50 crores to be reduced to 25%, to strengthen MSME sector.
12:36 pm: Instead of build-up area, carpet area will be counted for affordable housing, says FM
12:30 pm: Long-term holding period for real estate reduced to two years from the existing 3 yrs: FM
12:22 pm: Direct tax collections not commensurate with income & expenditure pattern of Indian economy:
12:20 pm: Fiscal deficit for 2017-18 targetted at 3.2 per cent and 3 per cent in the following year.
12:16 pm: Total expenditure for 2017-18 at Rs 21,47,000 crore. Capex up 25.4% over previous year.
12:15 pm: A new law to confiscate the assets of those fleeing the country.
12:12 pm: Aadhaar-enabled payment system to be launched shortly for those without debit cards, mobile phones :FM
12:10 pm: A revised guidelines would be incorporated for listing of identified PSU enterprises, says FM.
12:07 pm: Rs 10,000 crores for recapitalization of government banks.
12:04 pm: Shares like the government owned ICTRC to be listed on the stock exchanges.
12:01 pm: FIPB to be abolished.
12:00 pm: A new metro rail policy will be announced, this will open up new jobs for our youth: FM Jaitley
11:57 am: Service tax on e-tickets booked through IRCTC will be withdrawn, says FM.
11:55 am: All coaches of Indian railways to be fitted with bio toilets by 2019: Finance Minister, Arun Jaitley
11:51 am: Rs 1.31 lakh crore capex fixed for Railways in 2017-18 including Rs 55,000 crores to be provided by govt:FM
11:47 am: Govt aims to eliminate kala-azar, filiarisis by 2017, leprosy by 2018, measles by 2020 and TB by 2025.
11:44 am: Affordable housing to be get infra status.
11:42 am: Quality education will energize our youth: FM
11:41 am: Annual learning outcomes to be rolled out in schools : Arun Jaitley
11:32 am: Participation of women in MNREGA has increased to 55% from 48% in the past, says FM
11:25 am: Rs 38,500 crores allotted for MNREGA has been increased to Rs 48,000 crore in 2017-18, the highest ever allocation.
11:34 am: Issuance of soil health cards have gathered momentum, will setup a mini lab in krishi vigyan kendras: FM
11:32 am: We will take special efforts to ensure adequate flow of credit to under served areas, E-states & J&K, Jaitley.
11:30 am: Budget themes this year according to the FM are farmers, rural, youth, poor, infra, financial, digital etc.
11: 28 am: The target for agricultural credit for the FY 2016-17 has been fixed at Rs 10 lakh crore: Jaitley
11:22 am: Agenda for next year is to transform, energise, and clean India: Arun Jaitley
11:21 am: Pace of remonitisation has picked up; impact of DeMonetisation will not spill over to next year: FM.
11:19 am: Demonetisation seeks to create a new normal where the GDP is bigger and cleaner. Like all reforms, it is disruptive, says Jaitley.
11:18 am: Demonetsiation was a bold and decisive measure. Strong potential of Demonetization, especially higher GDP growth.
11:15 am: India stands out as a bright spot in the world landscape, says Jaitley.
11:14 am: Forex reserves enough to cover 12 months of imports, Jaitley.
11:09 am: Finance Minister rises to present Union Budget.
11:07 am: Leader of opposition makes request to postpone the Union Budget.
11:02: am Parliament session begins.
10:49 am: Sensex is trading 18 points higher, while the Nifty is down 1 point, 10 minutes ahead of the Union Budget 2017-18.
10:42 am: "Budget will be there", says Lok Sabha speaker, Sumitra Mahajan. "It is a constitutional requirement", she says.
10:39 am: Speaker confirms that Budget will go as planned.
10:35 am: Sanctity of Budget must be maintained, Venkaiah Naidu.
10:27 am: A number of political parties join chorus for postponement of Budget.
10:24 am: Arun Jaitley confirms that the Union Budget will be presented today.
10:18 am: Markets drop to the lowest point of the day. Sensex down 51 points.
10:10 am: Congress calls for postponing Union Budget.
9:58 am: Speaker to take a final call on whether the Union Budget would be presented today.
9:54 am: Modi cabinet to meet at 10:15 am.
9:47 am: Arun Jaitley reaches parliament.
9:41 am: Sensex drops in the red for the first time today. Down 6 points.
9:38 am: Budget copies reach parliament.
9:33 am: News channels says that the Union Budget would be presented today as government reaches out to other parties.
9:27 am: Markets are quiet. ICICI Bank is seeing some selling pressure following a poor set of results.
9:21 am: The budget would be presented as per schedule news channels are quoting sources.
9:18 am: Housing Finance stocks are in action, as there are expectations that there maybe some interest rate exemption hike in the Budget.
9:15 am: Sensex opens 36 points higher.
9:14 am: Rupee at one month high of 67.64 ahead of Union Budget 2017-18.
9:08 am: Sensex pre-opening close 9 points ahead of Union Budget 2017.
9:01 am: Rupee opens at 67.64 to the dollar ahead of the Union Budget.
8:50 am: Arun Jaitley leaves for the Finance Ministry
8:44 am: It is not certain if the Union Budget 2017-18 would be presented today, following the death of a sitting MP, E Ahamed.
8:40 am: Speaker may take a final call on whether the Union Budget will be presented today following the death of a sitting MP.